Since the CMA’s ruling & 2018 enforcement that nine of the UK’s largest banks must allow licensed companies to gain direct authorised access to their systems and account holder information, Open Banking has significantly expanded globally with regulators around the world adopting the same approach.
The concept of retrieving 'bank feeds' within accounting systems is not new, however, Open Banking and the PSD2 regulation have brought a standardised level of security and functionality which has meant that new trusted applications can deliver exciting services that were not possible in the past. Specifically, within Audit where extra levels of assurance and independence are required, it is possible to create a foundation for higher quality audit evidence, and significantly reduce the risk of fraud. Longer-term the continuous audit dream looks more attainable than ever.
In partnership with Circit, hear how to:
David Heath, CEO, CircitA Chartered Accountant and experienced auditor with Grant Thornton, David founded Circit after seeing the growing divide between the tools used by financial auditors and what is becoming possible with technology in the fintech era.
David Beardmore, EcoSystem Development Director, Open Data Implementation Entity (OBIE)David’s role at the OBIE is to lead the growth and development of the open banking ecosystem. His key objective is to facilitate and encourage end user adoption of products and services powered by open banking. This includes bringing new participants into the directory, and developing effective propositions which allow consumers and businesses to derive maximum benefit from sharing their transactional data.
His 25 years in data-driven insight and marketing have seen him work with many leading brands in multiple sectors and countries. Prior to joining OBIE, David spent 3½ years as the Commercial Director at The Open Data Institute where he also led their work on open banking, helping governments and regulators in Mexico, Australia, New Zealand, Japan and Canada.
Originally a classically trained musician, David has a Master’s from Cambridge University and an MBA in Marketing. He sits on the board of Open Data Australia, and also as a non-executive director for Boundless, a theatre company for young people. Ever the optimist, he continues to hold a season ticket at Nottingham ForestFootball Club.
Circit is a regulated AISP under PSD2, focused on the automation & advancement of existing audit processes to support audit teams of all sizes to reduce the time & costs on critical audit areas, whilst significantly improving firms' audit quality.
Building on existing relationships with Banks for its confirmation requests product, Circit has created the next-generation audit application, leveraging its licence under PSD2 to connect auditors to a larger global network of Banks for real-time audit confirmations & bank transaction verification. Providing greater independence & assurances on key evidence used for pre and post year-end testing.
At the heart of Circit’s cloud based platform is a focus on both the Auditor, and their Client’s experience. With intuitive steps, complete audit trails and shared visibility all parties can work efficiently towards common objectives.
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